NEWSLETTER AUGUST 2021

TIKEHAU SUBFIN FUND A-ACC-EUR

MARKET OUTLOOK RISK / RETURN PROFILE Macroeconomics and Politics. The European and American PMI macroeconomic activity indexes are still solidly within expansionary territory both for manufacturing (61.5 in Europe and 61.2 in the United States) and services (59.7 in Europe and 55.2 in the United States), despite a slight slowdown over the month, particularly in services in the US. In China, the signs of a slowdown were more marked over the month with a manufacturing PMI index stable (50.1) while services PMI contracted (47.5) for the first time since February 2020 and only for the second time since the index was created in 2007. Activity was nevertheless impacted by health restrictions as well as major flooding. On the political level, the first snags were in evidence for the Biden administration, criticized for its management of the withdrawal of troops stationed in Afghanistan. This came before a busy September: bipartisan negotiations on stimulus programmes and the debt ceiling. In Germany, a few weeks before the federal elections, the SPD candidate (and current Minister of Finance) Olaf Scholz continues to advance in the polls, to the detriment of the conservative INVESTMENT OBJECTIVE candidate and designated successor to Angela Merkel, Amin Laschet. A government coalition with The Sub-Fund Tikehau SubFin Fund aims at 3 or 4 parties seems inevitable in view of how close the result looks. achieving an annualised performance exceeding Central . J. Powell delivered a fairly neutral speech at Jackson Hole, stating his belief that the reference indicator BoAML Euro 3-5, progress towards inflation targets is sufficient, and therefore conditioning the scaling back of the reduced by the management fees, with an asset purchase programme on the continued recovery of the labour market. A reduction in asset investment horizon of over 3 years. purchasing could therefore be announced by the end of the year if the employment figures confirm Tikehau SubFin Fund may invest to 130% of the positive trend of recent months. The Fed chairman, however, insisted on the decorrelation its net assets in debt instruments (including convertible bonds, contingent convertible bonds between a reduction in asset purchasing and a rise in interest rates, which is unlikely to occur before 2023 as already indicated at previous Federal Reserve meetings. In Europe, certain voices Sub-Fund, bonds redeemable in shares and are calling for a slowdown in the PEPP programme in view of the ongoing economic recovery. other similar instruments), issued by entities in Inflation on the old continent reached 3.0% over one year in August, its highest level since the private or public sectors and located primarily December 2011. in the Eurozone. Sector News. After the ECB lifting of restrictions on dividends, announced its intention The Sub-Fund may also invest up to 10% of its to offset the previously restricted coupons via an exceptional payment in December. After some net assets in UCITS and/or other UCIs (including hesitation, ING is recalling two older generation securities, excluded from regulatory capital at the those managed by Tikehau Investment end of the year following recommendations from the EBA. Finally, there been any progress Management). regarding Monte Paschi, continuing its due diligence before a decision expected in mid- September. KEY FIGURES 31/08/2021 Primary Market and Fund Strategy. August was more active than usual, with AT1 issues from NAV: , , and (in order to refinance short calls), as well as AuM : BNP and KBC in Tier 2. The main contributions to fund performance in August were the Volatility (last 12 month rolling): 3.7% Rabobank Certificates as well as the older generation ING securities, both mentioned above. We 12 month rolling volatility computed from weekly data redeployed some of this cash by filling in other legacy positions, and increased our cash level somewhat in anticipation of new issues in September, usually a particularly dynamic month. RISK INDICATORS & ACTUARIAL DATA Number of issuers: 81 Currency Risk: hedged Yield to worst: 2.6% NET ASSET VALUE EVOLUTION Modified duration: 3.3 1 175 Spread Duration : 3.8 Average coupon2 : 3.6% Tikehau SubFin Fund (A-Acc-EUR) Average rating3 : BB+ 145 1 variation on performance 115 BoAML 3-5 2 Figure calculated on the portfolio, ex-cash 3 Figure calculated on the portfolio, cash included 85

PERFORMANCES MONTHLY / ANNUAL PERFORMANCES PER PERIOD Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 3 months +1.6% 2016 -2.3% -2.8% 2.2% 0.7% 0.6% -1.2% 2.3% 1.2% -0.4% 0.9% -0.9% 1.7% 1.7% 6 months +3.3% 2017 0.7% 1.4% 0.5% 0.9% 1.6% 0.1% 1.7% 0.0% 0.7% 2.2% 0.2% 0.2% 10.6% YTD 2021 +3.5% 2018 1.8% -0.6% -0.7% 0.3% -2.6% -0.7% 1.3% -0.3% 0.2% -1.3% -1.9% -0.8% -5.2% 1 year +8.7% 2019 2.0% 0.9% 0.3% 1.9% -0.9% 1.6% 0.7% 0.2% 0.8% 1.2% 0.9% 0.9% 10.8% 18 months +7.0% 2020 1.3% -1.2% -13.1% 5.1% 2.4% 1.8% 1.3% 2.1% 0.0% 0.5% 3.8% 0.7% 3.5% 3 years +14.1% 2021 0.0% 0.1% 0.5% 1.1% 0.1% 0.7% 0.5% 0.4% 3.5% 5 years +26.0% Inception 08.02.2011 +74.9% NEWSLETTER AUGUST 2021

PORTFOLIOLE PORTEFEUILLE

BREAKDOWN BREAKDOWN CASH & SHORT TERM FUND'S CHARACTERISTICS BY ISSUERS TYPE INVESTMENTS* ISIN Code: LU1585264176 Bloomberg Ticker: TIKSFRC LX Equity Cash & Short-Term 7% Fund's inception: 08/02/2011 Inv. Cash 3% Portfolio Manager(s): Thibault Douard and Jean-Marc Delfieux Financials 87% Legal form: Variable Capital Company (SICAV) Subordinated Called & close to 3% maturity bonds Bond Reference currency: EUR Financials Senior 3% Allocation of results: Accumulation Money market funds 1% Custodian: CACEIS Luxembourg Benchmark: BoAML 3-5 Corporates HY 3% * Commercial papers with a 1 to 12 months maturity, called Share Class foreign registration : FR, LU, CH, and close to maturity bonds within the next 45 days BE, IT*, ES, SG* * Only for professional investors BREAKDOWN BY RATINGS BREAKDOWN BY INSTRUMENT TYPE ADMINISTRATIVE FEATURES Cash & Short-Term Cash & Short-Term 7% 7% Management fees: 1.50% Inv. Inv. Performance fees: 10% of the performance over the reference indicator BoAML Euro 3-5, [AAA ; A-] 5% Alternative Tier 1 47% with High Water Mark Minimum of subscription: [BBB+ ; BBB-] 44% Tier 1 26% Liquidity: Daily Subscription/Redemption: Daily before 12:00 [BB+ ; BB-] 28% CET Tier 2 14% NAV: Unknown [B+ ; B-] 11% Payment delivery: D+3 Senior 6% NR 5%

BREAKDOWN BY MATURITY OR CALL BREAKDOWN BY COUNTRIES DATE Cash & Short-Term Inv. 7% Cash & Short-Term Inv. 6% United Kingdom 21% France 12% Spain 12% Less than 1 year 11% 10% Italy 9% 1 - 3 years 16% Germany 7% Portugal 4% TOP 10 ISSUERS Denmark 4% 3 - 5 years 36% Belgium 3% United States 2% Unicredit 3.6% 5 - 7 years 14% Norway 2% Virgin 3.2% Austria 2% Natwest 3.1% Sweden 1% 7 - 10 years 9% BNP 2.6% Luxembourg 1% Barclays 2.6% Ireland 1% 2.6% 10 years & more 8% Finland 1% Banco Comercial 2.5% Switzerland 1% ING 2.5%

The information contained in this document is confidential and is not contractually binding nor certified by auditors. The contents of this document are for informational purposes only and do not constitute 2.5% investment advice. Past performance is not a reliable indicator of future performance. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Tikehau may notCebedocumentheld liable forestanyexclusivementinvestment decisionconçubasedàondesthis documentfins . Access to.theIl neproductsconstitueand servicesni un élémentpresentedcontractuel,herein may be nirestrictedune propositionfor some individualsou uneor incitationcountries. Taxationà depends on the 2.4% situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIIDs (key investor information documents) and prospectuses available on Tikehau TIKEHAU INVESTMENT MANAGEMENT Investmentou . Leswebsitedonnées. The KIIDcontenuesmust be madedansavailablecette toprésentationthe subscribernepriorsontto purchaseni contractuelles. France: the prospectus,ni certifiéestheparKeyleInvestorcommissaireinformationauxDocuments,comptesthe. articlesLa responsabilitéof incorporation,dethe 32 rue de Monceau 75008 Paris extract annual and semi-annual report and further information may be obtained free of charge from the French centralizing correspondent, CACEIS France 1-3, Place Valhubert 75013 Paris, France. Switzerland: Tikehau Investment Management ne saurait être engagée par une décision prise sur la base de ces informations. Les performances passées ne préjugent pas Tél. : +33 1 53 59 05 00 Fax : +33 1 53 59 05 20 the prospectus,des performancesthe Key Investoràinformationvenir. LeDocuments,prospectusthe articlesde référenceof incorporation,doit theobligatoirementextract annual andêtresemi-proposéannual reportauxin Frenchsouscripteursand further informationpréalablementfor Switzerlandà la souscription,may be obtainedremisfree of àchargela from the Swiss Representative and Paying Agent, CACEIS SA, Route de Signy 35, CH-1260, Nyon, Switzerland. Belgium: The prospectus, the Key Investor information Documents, the articles of incorporation, RCS Paris 491 909 446 the extractsouscriptionannual and semiet mis-annualà lareportdispositionin French andduinpublicEnglishsurcan besimpleobtaineddemandefree of charge. Lefromprospectusthe representativepour agentla Suisse,of CACEISle règlement,Belgium, avenuele(s)du port,Document(s)86c B320, B-1000 Brussels. CléLuxembourgpour : the prospectus, the Key Investor information Documents, the articles of incorporation, the extract annual and semi-annual report in French and in English can be obtained free of charge from the representative Numéro d'agrément AMF : GP 07000006 agent of CACEIS Luxembourg,et les rapports5, Allée SchefferannuelsL-2520et semestrielsLuxembourg (postsontaddressdisponibles: BP 1104gratuitementL-1011 Luxembourg)auprès. Unitedde notreKingdomReprésentant: information aboutet Serviceprices of deunitsPaiementsin the scheme,eninSuisseEnglish, RBCcan be obtainedInvestorfrom FinancialServicesExpressBankLimitedS.A.at, EschGolden-surHouse,-Alzette,30 GreatsuccursalePulteney Street,de Zurich,London,BadenerstrasseW1F 9NN, United567Kingdom, Casein itsPostalecapacity1292of facilities, CH-agent8048. InZurichaddition,. the issue price of units in the fund is Courtier en assurance inscrit au registre ORIAS 09 051 177 available at the registered office of the management company and of the administrative agent. The value of the net assets per units as well as their issue, redemption and conversion prices shall be made available at the registered office of the fund every bank business day. Singapore: shares of the fund may not be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.